The Central Government has rolled out the national policy on research and development and innovation in the country’s pharma-medtech sector. An INR 5,000-crore Promotion of Research and Innovation in Pharma-MedTech sector (PRIP) scheme has also been introduced for the promotion of research and innovation in the sector. The scheme aims towards transforming India into a high-volume, high-value player in the global market of pharmaceuticals, meeting the quality, accessibility, and affordability goals.
There are two main components of the scheme. First one focuses on establishing ‘centres of excellence’ in seven campuses of National Institutes of Pharmaceutical Education and Research (NIPER) with a financial outlay of INR 700 crore.
The second component would include financial assistance to large industries, micro, small and medium industries (MSME’s) and startups. They will carry out research in collaboration with academic institutions as well as for in-house R&D. Around Rs 4,250 crore has been kept aside as financial outlay for this component.
The other component includes providing financial assistance to the industries, MSMEs, and startups working with government institutes and for both in-house and academic research. The component has a financial outlay of INR 4,250 crore.
“The policy will help create an ecosystem of skills and capacities including the academia and the private sectors, and give impetus to new talent among the youth through start-ups,” said Union Health Minister Mansukh Mandaviya while launching the scheme. He also stresses upon creating synergies between various government institutions and agencies such as pharma department, ICMR, DST, DBT, NIPER etc.
The Minister also informed that for mass production of pharmaceutical products and medical devices in the country, the government has set up three bulk drug parks in Himachal Pradesh, Vizag, and Gujarat and four medical device parks in Himachal Pradesh, Uttar Pradesh, Madhya Pradesh, and Tamil Nadu.
Key Highlights Of The National Policy
India has the 3rd largest pharmaceutical industry in the world by volume with a current market size of around USD 50 billion. Expansion of the industry’s presence in the innovation space could accelerate the growth to USD 120-130 billion over the next decade.
The policy has proposed setting up of an Indian Council of Pharmaceuticals and Med-tech Research and Development to promote domestic and international collaboration among industry, academia, and research institutions across departments.
With its implementation, the policy will contribute largely to the GDP through increased exports and forex inflow, global market share, drug security and availability.
The policy will significantly improve the overall healthcare index and reduce disease burden. Creation of high-end jobs in R&D and innovation and opportunity to help bring back Indian talent with expertise in R&D and Innovation will be among the key focus areas.
Bringing back Indian talent with expertise in R&D and Innovation by creating high-end jobs will be among the key focus areas of the policy.
Three Main Areas Of Focus To Achieve The Objectives
Expansion of the traditional regulatory objectives of safety and quality to create a regulatory environment that facilitates innovation and research in product development.
Incentivize private and public investment in Innovation through a mix of fiscal and non-fiscal measures.
To build an enabling ecosystem designed to support innovation and cross-sectoral research as a strong institutional foundation for achieving sustainable growth.
Benefits Of PRIP Scheme
The scheme would help in building a world-class research atmosphere at NIPERs and other institutes and help in creating a talent pool of qualified trained students.
This scheme will promote industry-academia linkages by promoting collaboration between private sector and government institutes.
Focus on certain priority areas which will help India’s pharma industry strengthen its position in the global market.
The scheme would help in launching commercially viable products which will accelerate the growth of the Indian pharmaceutical sector by increasing revenue and creating employment opportunities.
